Daily
FX Update

US President Donald Trump states that there is no deadline for China deal

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Markets move to risk-off sentiment following news that President Trump stated there is no deadline on the trade deal with China. He told reporters that China is ready to do the deal now, but that it would be better to wait until after the 2020 election. Reserve Bank of Australia announced decision to keep a key interest rate on hold and traders anticipate the Bank of Canada will make the same decision at their meeting tomorrow.

Be brave. Take risks. Nothing can substitute experience.
Paulo Coelho
  • FX Rates
    December 3, 2019

    Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.


  • USD

    Haven currencies strengthened following the news that the US-China trade deal could be delayed. The Bloomberg dollar index is largely unchanged. Markets will look to employment data later this week.

    GBP

    Sterling rose higher after polls showed that the Conservatives increased their lead ahead of the election set for December 12. The currency strengthened as much as 0.4% to 1.2989 - the highest since October 22.

    EUR
    EUR/USD remains within a tight trading range, currently below the 1.11 handle. The currency pair closed above the technical level of 1.1097 on November 21 which could allow EUR/USD to test October’s tripe-top of 1.1176-79.
    CAD

    The loonie has been one of the worst performing currencies this week as the market moves to risk-off trading following comments from US President Donald Trump regarding the US-China deal and as the market anticipates the Bank of Canada meeting on Wednesday. Economists are expecting that the BoC will keep its key interest rate on hold at 1.75%. WTI crude oil fell 0.7%

    ASIA/PACIFIC

    Yen strengthened after news that US President Donald Trump stated that there is no deadline for a trade deal with China.
    The Australian dollar is higher than its peers after the Reserve Bank of Australia announced that it will keep its interest rates on hold. The central bank’s decision to keep their key benchmark at 0.75% was in-line with expectations by economists. AUD/USD rose as much as 0.6% to 0.6860.

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Cate Camerota
WRITTEN BY
Cate Camerota

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